[Form 4] General Dynamics Corporation Insider Trading Activity

Rhea-AI Filing Summary

General Dynamics (GD) – Form 4 filed 29-Jul-25

Director Rudy F. De Leon reported option exercises and concurrent open-market sales on 28-Jul-25:

• Exercised 3,220 options at $135.85 and 2,270 options at $191.71 (codes “M”).
• Sold the same share counts at $312.93 and $312.633, respectively (codes “S”).

The paired transactions produced gross proceeds of roughly $1.72 million and reduced his direct common-stock position from 8,703 to 5,483 shares (-37%). All related option positions are now fully exercised and zero balance remains in Table II.

The filing indicates partial profit-taking at a price more than double the lowest exercise cost while preserving a meaningful residual stake.

Positive

• Director retains 5,483 shares, indicating continued equity alignment with shareholders.
• Options fully exercised; no outstanding derivatives that could dilute shareholders.

Negative

• 37% reduction in direct holdings may be viewed as a mild bearish signal.
• $1.72 million in stock sales reflects significant profit-taking at current market levels.

Insights

Securities Analyst

TL;DR: Routine option exercise with immediate sale; neutral signal given remaining 5.5k-share stake.

The transactions follow typical director compensation cycles—older grants (2017-2019 vesting) were exercised near expiration and shares sold at ~2.3× to 1.6× exercise cost. Although De Leon monetised about $1.7 million and cut holdings 37%, he retains 5,483 shares, limiting bearish interpretation. No new options were granted or forfeited, and there is no implication for GD’s operations or guidance. For valuation models, insider activity is immaterial.

Corporate Governance Expert

TL;DR: Standard liquidity event; governance risk unchanged.

The filing shows timely reporting, adherence to Section 16, and no red flags such as 10% ownership or unexplained derivative structures. Sale occurred in two clean blocks, suggesting a pre-arranged 10b5-1 trade or planned diversification. Board independence and alignment remain intact as the director still holds >$1.7 million of GD equity. Overall governance impact: neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

DE LEON RUDY F

(Last) (First) (Middle)

C/O GENERAL DYNAMICS CORPORATION

11011 SUNSET HILLS ROAD

(Street)

RESTON VA 20190

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GENERAL DYNAMICS CORP [ GD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/28/2025		M		3,220	A	$135.85	8,703	D
Common Stock	07/28/2025		S		3,220	D	$312.93	5,483	D
Common Stock	07/28/2025		M		2,270	A	$191.71	7,753	D
Common Stock	07/28/2025		S		2,270	D	$312.633	5,483	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$135.85	07/28/2025		M			3,220	(1)	03/01/2026	Common Stock	3,220	$0	0	D
Stock Options	$191.71	07/28/2025		M			2,270	(2)	02/28/2027	Common Stock	2,270	$0	0	D

Explanation of Responses:

1. Fifty percent became exercisable on 03/02/2018, and the remaining fifty percent became exercisable on 03/02/2019.

2. Fifty percent became exercisable on 03/01/2019, and the remaining fifty percent became exercisable on 03/01/2020.

	Nicholas R. Barnaby, by Power of Attorney	07/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many General Dynamics shares did Rudy F. De Leon sell?

He sold 3,220 shares at $312.93 and 2,270 shares at $312.633, totaling 5,490 shares.

What is De Leon's remaining stake in GD after the transactions?

He now directly owns 5,483 common shares.

Were any new stock options granted in this Form 4?

No, the filing only reports exercises and sales; no new options were issued.

What were the option exercise prices disclosed?

Options were exercised at $135.85 and $191.71 per share.

Is this insider activity considered routine?

Yes; the options were near expiration and the paired exercise/sale pattern is common for directors monetising compensation awards.